Cobalt has magnetic properties and a high resistance to heat and corrosion which makes it an integral element in rechargeable batteries achieving longer storage life – a primary objective in the EV market.
Currently over half the world’s cobalt supply is used in electric batteries, a number that is expected to rise significantly as auto manufacturers aim toward zero emission electric vehicle production.
- 42% of global cobalt supply is used specifically in battery Lithium-ion cells
- Global demand for cobalt is estimated at 4-5% CAGR to 2030
- Supply constraints and CSR issues are
of significant concern to end users